The maharshi Valmiki Scheduled Tribe Development Corporation (MVSTDC) is entangled in a money theft controversy, with fresh details emerging every day. The government has taken action, suspending two company executives for dereliction of duty and noncompliance with financial standards, a move prompted by Union Bank's participation.
 
An FIR has been filed against six personnel, after talks indicating verbal orders from the departmental minister about the transfer of corporate cash to other accounts. Suspicions remain as it is believed that the monies were sent to IT businesses and a cooperative organization in hyderabad via 14 virtual accounts, maybe to support telangana elections.
 
Despite rising criticism, karnataka Home minister G Parameshwar and Rural Development minister Priyank Kharge support minister Nagendra, stating that investigations would reveal the truth.
 
JG Padmanabha, managing director of MVSTDC, and parasuram G Durgannavar, account officer, are facing suspension on claims of carelessness and financial impropriety. An FIR filed at Highgrounds police station alleges illicit transactions worth Rs 94.73 crore, including Union Bank's CEO and executives, among others.
 
MD Padmanabha argues that his and his accountant's signatures were forged, allowing unlawful transactions to 14 bank accounts. Upon discovery, he immediately launched an inquiry, froze the involved accounts, and began the restitution procedure, restoring Rs 5 crore to the corporation's account while pursuing recovery of the remaining amount.
 
The disclosure of monies diverted to neighboring state accounts during the lok sabha elections raises concerns about election-related involvement. Unauthorized overdrafts, faked documents, and covert transfers to Hyderabad-based IT firms highlight the scope of misconduct.
 
The scandal's intricacy grows with each discovery, necessitating an urgent investigation into the corporation's activities and the participation of financial institutions.
 
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SIBY JEYYA

31/05/2024 07:46 AM